Oil prices help airlines in New York
by Elaine Frei
New York equities markets were lower at midday on Tuesday on declining consumer confidence and losses in the oil sector due to falling crude oil prices. Mid-session found the Dow Jones Industrial Average 0.4 percent lower to 11,312.47. The S&P 500 was also down by 0.4 percent, to 1,296.38, while the Nasdaq Composite had declined by 0.6 percent to 2,148.09.
Homebuilders were lower on the day. DR Horton fell 2.6 percent to $21.29 and Puelte dropped 2.7 percent to $28.52.
In the oil sector, Murphy Oil declined by 2.2 percent to $48.74, while Sunoco was 2.4 percent lower to $74.03 as crude oil prices on the New York Mercantile Exchange reached their lowest level in over two months.
The declining oil prices helped the airlines, however. JetBlue Airways added 1.1 percent to $10.37, while Continental Airlines gained 2.3 percent to $24.50.
Elsewhere, brokerages were down. Morgan Stanley was 2.6 percent lower to $65.18 and Lehman Brothers dropped 3.5 percent to $62.18.
Apple Computers also declined, falling 2.3 percent to $65.42 after Universal Music said it would open a free online music website to compete with Apple’s iTunes. Circuit City, the electronics retailer, was also lower, declining 2.7 percent to $22.31.
Discuss this in the Finance Markets forums
Story link: Oil prices help airlines in New York
Add to Bookmarks:
Related financial stories to: Oil prices help airlines in New York
- Airlines up on falling oil prices
- Oil down, airlines up in London
- New York markets mixed as commodities prices drop
- US airlines gain on bids news
- New York gains on lower commodities prices
- Airlines mixed on Italian announcement
- European airlines gain on news, broker comments
- New York oil prices in record territory
- Lower oil prices help New York markets higher
- Eurofirst lower on banks, airlines
Previous: « London markets up slightly after holiday
Next: Bond yields fall on data »
Visited 417 times, 2 so far today
